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MasterCard files for SEC registration

15 August 2001  |  2986 views  |  0 MasterCard files for SEC registration

MasterCard International has filed a registration statement with the Securities and Exchange Commission formally proposing its conversion to a private company and detailing plans for its merger with European alliance partner Europay.

The filing of the registration statement begins a process of formal review by the SEC. When that review is completed, MasterCard will seek a vote of its principal members for approval of the conversion to an incorporated company.

Robert Selander, MasterCard president and CEO, said the conversion to a private share corporation will have important long-range advantages by more closely aligning the interests of MasterCard with the interests of its members.

"We believe that converting to a stock company will give our principal members, who will become our stockholders, greater incentive to increase their business with MasterCard," he says.

Conversion will also create a more flexible structure, he adds, allowing MasterCard to respond more quickly to changing market conditions.

Selander says the integration with Europay will make for a stronger organisation: "It will bring together MasterCard’s award-winning marketing expertise and strength in e-commerce and processing technology with Europay’s particular strength in debit, chip and m-commerce."

MasterCard has had a long-standing alliance with Europay, which has exclusive licensing rights for MasterCard brands in the European region. MasterCard now owns a 12.25% share of Europay and a 15% interest in EPSS, Europay’s processing subsidiary. The European members of MasterCard, who are also shareholders of Europay, presently control approximately 7% of MasterCard International’s total votes. In addition, MasterCard and Europay each own 50% of Maestro, a leading online debit programme.

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